AWARD OF PILE GROUTING AND FREE SPAN CORRECTION CONTRACTS IN MALAYSIA AND INDONESIA

IEV (Malaysia) Sdn Bhd has been awarded three pile grouting and two free span correction contracts by three engineering, procurement, installation and commissioning (“EPIC”) contractors (the “Contracts”). The work program for the pile grouting service covers seven offshore platforms in Malaysia and Indonesia, while the free span correction service will be performed on four pipelines in Indonesia. The Contracts, with aggregate value of approximately USD2.2 million are expected to be completed in 4Q2013. The Contracts are related to the engineering services offered under the Group’s jacket and pipeline installation solutions (“JPIS”), which targets the development of new offshore production facilities. IEV provides total project management and provision of equipment, materials and personnel to perform pile grouting services, which is a critical activity in the platform installation.

For free span correction services, grout bags are supplied and installed by IEV, to support oil and gas pipelines that are laid on uneven seabed profiles. To date, IEV has completed 39 projects, covering 81 platforms and pipelines, since the introduction of IEV’s grouting services in its JPIS business in 2007.

President and Group CEO, Mr. Christopher Do commented, “The Group continues to benefit from the large number of new offshore oil and gas facilities under development throughout the Asian region and the ensuing market demand for our pile grouting and free-span correction services”